Senior chiefs at the European Central Bank are reportedly set to snub the upcoming inquiry into the Irish bank collapse, which has so far cost the taxpayer €64bn.
The recently released letters sent by former ECB president Jean Claude Trichet to the late Brian Lenihan provided some insight into the predatory attitude taken by the ECB at the time. They threatened to cut off any further funding unless written assurances to accepting an ECB bailout wer provided. A leading economist branded such move ‘akin to a gun to the ear of the Government.’
Jean Claude Trichet has already refused to come to Ireland to answer questions in relation to such letters.
The current president, Mario Draghi, has also backed Trichet’s position by saying that the ECB is ‘accountable to the European Parliament, but not necessarily to national parliaments.’